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Photo = Yonhap news |
[Alpha Biz= Kim Jisun] Dongwon Industries, the holding company of the Dongwon Group, announced that it will restructure its business by making Dongwon F&B a wholly owned subsidiary and integrating four domestic and international food companies under one business group.
On April 14, the boards of directors of Dongwon Industries and Dongwon F&B approved a comprehensive share swap agreement. Under the plan, Dongwon Industries will issue new common shares to shareholders of Dongwon F&B at an exchange ratio of 1 Dongwon Industries share to 0.9150232 Dongwon F&B shares.
Dongwon Industries currently owns a 74.38% stake in Dongwon F&B. The two companies plan to hold a shareholders' meeting on June 11 to vote on the proposed share swap. Shareholders who oppose the deal will have the right to demand share buybacks. Once the transaction is completed, Dongwon F&B will be delisted and become a 100% subsidiary of Dongwon Industries.
As part of its long-term strategy, Dongwon Group aims to increase the share of overseas sales in its food business from 22% in 2023 to 40% by 2030.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
